Here are the key factors to keep in mind today for British Pound trades:
- British Industrial Production and British Manufacturing Production: British Industrial Production for April is predicted to increase by 0.1% monthly and to decrease by 0.3% annualized. Forex traders can compare this to British Industrial Production for March which increased by 0.3% monthly and which decreased by 0.2% annualized. British Manufacturing Production for April is predicted to come in flat at 0.0% monthly and to decrease by 1.3% annualized. Forex traders can compare this to British Manufacturing Production for March which increased by 0.1% monthly and which decreased by 1.9% annualized.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for May is expected to increase by 0.3% monthly. Forex traders can compare this to the British NIESR GDP Estimate for April which increased by 0.3% monthly.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for April was reported at ¥1,878.5B. Economists predicted a figure of ¥2,308.8B. Forex traders can compare this to the Japanese Current Account Balance for March which was reported at ¥2,980.4B. The Japanese Adjusted Current Account Balance for April was reported at ¥1,625.8B. Economists predicted a figure of ¥2,013.7B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for February which was reported at ¥1,893.6B. The Japanese Trade Balance for April was reported at ¥697.1B. Economists predicted a figure of ¥919.0B. Forex traders can compare this to the Japanese Trade Balance for March which was reported at ¥927.2B.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for May is expected at 43.4 and the Japanese Eco Watchers Survey Outlook Index is expected at 45.9. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for April which was reported at 43.5 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 45.5.
Should price action for the GBPJPY remain inside the or breakout above the 155.500 to 156.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 155.750
- Take Profit Zone: 163.000 – 163.500
- Stop Loss Level: 154.000
Should price action for the GBPJPY breakdown below 155.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 154.500
- Take Profit Zone: 152.250 – 152.750
- Stop Loss Level: 155.250
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